Fine Imposed on the Responsible Person of Leatec Fine Ceramics CO., LTD. (OTC No. 6127)
Administrative Fine Imposed on the Responsible Person of Leatec Fine Ceramics CO., LTD.
I. Date the fine was imposed: APRIL 22 nd, 2015
II. The party upon whom the penalty was imposed: Mr. Chen, the responsible person of QST International Corp.
III. Statutory basis of the penalty: Article 26-3, Securities and Exchange Act.
IV. Facts concerning the Violation: Directors of Leatec Fine Ceramics Co., Ltd. (OTC No. 6127) resigned on May 3rd 2013, leaving the Board with only four directors. The Company called a general shareholder meetings on June 19th 2013 and June 15th 2014 but failed to re-elect the directors until February 26th 2015. This fact was found to be in violation of Article 26-3 of the Securities and Exchange Act, which stipulates, “When the number of directors falls below five due to the dismissal of a director for any reason, the company shall hold a by-election for director at the next following shareholders meeting.”
V. Result of the disciplinary action: According to Subparagraph 2, Paragraph 1, Article 178 and Paragraph 1, Article 179 of Securities and Exchange Act, we imposed a fine of NT$ 240,000 on the responsible person of the company.
Contact Information: Ms. Chen, Hsiang-Yin, Section Chief, Corporate Finance Division, Securities and Futures Bureau
Contact Number: +886-2-2774-7120
Please submit your inquiries in the message through the following URL: http://fscmail.fsc.gov.tw/FSC-SPS/SPSB/SPSB01002.aspx